Godrej Properties Share Price Soars with Plans for New Housing Projects
🏡 Real estate giant Godrej Properties has announced plans to kick off housing projects worth ₹30,000 crore in major cities in the upcoming financial year (2024-25). The company aims to achieve a 20% increase in sales booking amidst high demand.
📈 On May 3, the share price rose by 1.43% to close at ₹2,569. Godrej Properties is one of the leading real estate developers in the country.
🏙️ Executive Chairman Pirojsha Godrej stated, “We have set a sales booking target of ₹27,000 crore for the current financial year, which is 20% higher than last year. Sales booking surged by 84% in the previous financial year, reaching a record ₹22,527 crore.”
💰 The company is prepared to launch multiple projects in markets like Delhi-NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, and Hyderabad to meet this demand. Plans are in place to start six projects in Delhi, Gurgaon, and Noida.
📊 Investors expect Godrej Properties to start projects covering 2.19 crore square feet with an estimated sales booking value of ₹30,000 crore in the upcoming financial year.
📈 On Tuesday (May 7, 2024), the share was trading at ₹2,789 with a 1.87% decrease. The company is focused on not only launching new projects and increasing sales but also on acquiring land parcels for future development.
💼 In the fourth quarter of 2023-24 (January-March), Godrej Properties recorded a 14% increase in consolidated net profit to ₹471.26 crore. Total income for the quarter rose to ₹1,914.82 crore.
📈 The share reached a 52-week high of ₹2,791.20 and currently has a market capitalization of ₹71,428.85 crore. The share has seen a 2.40% decrease in the past week, but it is up over 28% this year.
🚀 The six-month return on the share is 44%, and the one-year return is an impressive 94%. Godrej Properties continues to show strong growth and is poised for further success in the real estate market.
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